Old Mutual has hired South Africa’s former finance minister Trevor Manuel as a non-executive director and member of the board risk committee of the Old Mutual Board, effective from 1 January 2016.
In addition, Manuel will also become non-executive chairman of Old Mutual Group (OMGH) replacing Paul Hanratty, who will quit the group in 2016.
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The OMGH board will eventually be mandated by Old Mutual to fulfil the obligations that are expected to arise under the planned South African "Twin Peaks" supervisory regime applicable to financial conglomerates.
Old Mutual chairman Patrick O’Sullivan said: "We are delighted to be able to appoint Mr Manuel to our Board, given his wealth of experience in advising and guiding the development of the financial services sector in emerging markets.
"His track record of leadership in developing sound regulation for financial services over many years will be of great benefit to the Group, in particular as we prepare for forthcoming changes in the regulatory environment in South Africa."
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